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First Time Home Buyer? Consider this.
It is natural as a First-time buyer to be very nervous about entering the real estate market. This was true during sky-high interest rates in the 1980′s. It was true when the real estate market was booming in 2005 and it is still true today. First time home buyers in this market worry about the cost of buying, the process itself, and of course what it will mean for them to be a homeowner. Owning a home is typically the biggest financial responsibility a person will undertake. It starts with the cost of a downpayment, for first time home buyers this can be on average 3.5% and closing costs (which in many cases the seller will cover) and continues with a monthly mortgage payment and annual maintenance and repairs. Today’s market, however, brings new worries to the table. The economy is on the brink of a renewed recession. Fewer buyers can qualify for a home mortgage, especially since many lenders want at least 20 percent down on a conventional loan and 3.5% down on an FHA loan. Plus, unemployment rates have remained consistently above 9 percent in the Denver metro area. What do first-time buyers really need to know about today’s ... more
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